OppFi Announces Agreement with Brightside to Leverage Payroll Deduction for Non-Prime Borrowers
Apr 7, 2021 11:36 AM ET
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Opportunity Financial, LLC (“OppFi”), a leading financial technology platform that enables banks to help everyday consumers access credit, today announced it has entered into an agreement with the Brightside financial care platform to provide low-value loans to senior non-borrowers at preferential rates through OppFi’s new lending product, SalaryTap.
SalaryTap is a small-value, multi-year loan product offered by employers ranging from $ 2,000 at $ 6,000, extending the preferential price to non-privileged consumers, and is reimbursed by payroll deductions. The product is completely transparent, with no additional fees or charges imposed on borrowers, and loan amounts are based on the income of each borrower as a means of assessing loan affordability.
The deal with Brightside is the first publicly announced deal for SalaryTap as OppFi expands this offering to a growing number of employers and distribution channels. Through the deal, OppFi believes SalaryTap will directly reach thousands of consumers working in industries ranging from healthcare and telecommunications to retail and manufacturing.
“We are excited to work with Brightside to expand access to credit for the everyday consumer with products that support our mission to strengthen financial inclusion,” said Jared kaplan, Managing Director of OppFi. “As we expand our offering for the 60 million consumers excluded from traditional options, we believe that working with companies like Brightside will create a win-win proposition with more credit options for more consumers who need them.”
“We are focused on improving outcomes for working families and their employers by reducing financial stress, using a holistic and innovative approach to Financial Care and a suite of partners who provide real solutions to working families. mentionned Tom spann, CEO of Brightside. “OppFi creatively solves the problem of accessing credit for those who need it most and we are proud to deliver its innovative and transparent solutions to employees through our platform.”
Other early stage SalaryTap pilot projects carried out directly with employers have been underway since November 2020. The most common uses of funds for SalaryTap were auto repairs, family needs, housing costs, and medical bills. A nationwide rollout of SalaryTap is planned for the second quarter of 2021.
At February 9, 2021, OppFi and FG New America Acquisition Corp., a special purpose acquisition company, have reached a definitive agreement for a business combination that would make OppFi a public company.
OppFi, a leading financial technology platform that enables banks to help the everyday consumer access credit. With its unwavering commitment to customer service, OppFi helps consumers shunned by traditional providers build a better financial path. OppFi has facilitated the issuance of over 1.5 million loans. The company has been ranked as an Inc. 5000 for five consecutive years and was named the eighth fastest growing Chicagoland company in 2020 by Crain’s Chicago Business. The company was also named on Forbes America 2021 list of America’s best start-up employers and the best places to work in 2021 Chicago. The company maintains an A + rating from the Better Business Bureau (BBB) and maintains a 4.9 / 5 star rating with over 14,000 online customer reviews, making it one of the top rated online financial platforms. by customers. For more information, please visit www.oppfi.com.
FG New America Acquisition Corp.,, is a New York Stock Exchange listed blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, share purchase, a reorganization or a similar business combination with one or more businesses. For more information, please visit www.fgnewamerica.com.
Founded in 2017, Brightside is the first employer-based financial care platform to deliver significant return on investment for employers by enabling paychecks to go further for the 72% of Americans who are not in good health. financial health.1 With a combination of expert financial assistants, a proprietary rules engine and innovative financial products, Brightside offers on average $ 1,200 annual savings for each of the thousands of families it serves. Additionally, employers benefit from improved productivity, retention, diversity and reduced healthcare costs. Brightside is supported by Andreessen Horowitz (a16z), Trinity Ventures and Comcast Ventures. For more information, please visit: https://www.gobrightside.com.
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